U.S. Senator Cynthia Lummis of Wyoming, a staunch advocate for cryptocurrency, discusses why bipartisan support for crypto legislation is gaining momentum. She explains the surprising approval of spot ether ETFs and her discontent with the SEC's regulatory approach, deeming it 'not the American way.' Lummis shares insights on the need for stablecoin regulations and the importance of treating Wyoming-chartered Custodia Bank fairly. With the upcoming elections, she highlights how crypto is becoming more influential in politics, urging clearer guidelines for the industry.
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insights INSIGHT
Bipartisan Support for Overturning SAB 121
Bipartisan support arose for overturning SAB 121 due to procedural and consumer protection concerns.
Some felt the SEC's accounting bulletin bypassed proper rulemaking, lacking public comment.
insights INSIGHT
Consumer Protection Concerns with SAB 121
SAB 121 inadequately protects consumers by potentially misclassifying custodied assets.
In case of custodian failure, client assets might be wrongly treated as the custodian's, not the client's.
insights INSIGHT
Mystery Behind SEC's ETF Reversal
The SEC's recent reversal on Ether ETFs is puzzling, especially given its prior hostility.
Lummis expresses curiosity about the SEC's change of heart and plans to investigate further.
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Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze
Laura Shin
The Cryptopians delves into the story of idealists, technologists, and opportunists fighting to bring cryptocurrency to the masses. The book focuses on the founding of Ethereum by Vitalik Buterin and the subsequent crypto fever it created. It introduces readers to larger-than-life characters such as Buterin, Charles Hoskinson, and Joe Lubin, highlighting the personal and professional conflicts that shaped the early days of Ethereum. The narrative explores the booms, busts, and internecine wars within the crypto world, revealing it as a deeply personal struggle to influence the coming revolution in money, culture, and power.
With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.
With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.
She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.
Show highlights:
Why the SAB 121 approval was bipartisan
Whether President Biden will veto the resolution
How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
How the SEC's approach to regulating the industry "is not the American way"
Whether there is a bipartisan majority in favor of crypto in Congress
How bitcoin has come a long way in terms of adoption
Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
The differences between the Lummis-Gillibrand bill and FIT21
How Sen. Lummis feels about the denial of a master account for Custodia Bank
Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
What Sen. Lummis would advise for the industry to accomplish its goals
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